👀NFT Bazaar Gaming Insights ｜ The Next Threshold for Metaverse Is Game Card Combat?
Uh-oh. Don’t look now but floor prices have been cut in half at many leading NFT projects this week. Trading volume is slowing down, too.
The floor at Bored Apes Yacht Club, the second highest ranking individual NFT project in terms of lifetime volume, has dropped by a third, to 29.47 from 44.05 ETH, according to a Dune Analytics
It’s no secret that NFTs have been a hot space for crypto speculators in the Ethereum ecosystem to diversify their holdings, and while some see a golden opportunity to shill bad art to suckers, others believe that NFT-based gaming is destined for the mainstream and that products that nail the mechanics early-on will earn the spoils.
Parallel, a sci-fi card game based on the Ethereum blockchain, has had a more meteoric rise than most crypto projects, and investors have noticed. The platform tells TechCrunch they’ve raised $50 million at a half-billion dollar valuation from crypto VC firm Paradigm. Previous investors include YouTube co-founder Chad Hurley, Focus Labs, OSS Capital and Yunt Capital, among others.
The sci-fi NFT card game caught fire in August after its first pack drop amid a massive surge in NFT speculation. According to crypto tracker CryptoSlam, the platform did nearly $105 million in transaction volume. One of the titles’ “Masterpiece” cards sold for $1.1 million worth of the Ethereum cryptocurrency. Even as sales fell to just over $11 million in September, a huge month like that can do big things for the long-term value of an NFT project, as rarer purchases made during that time that are held onto long-term can establish steadier baseline price floors for new assets minted on-chain.
Nothing stress tests a system like thousands of tech-savvy speculators trying to break down said system in order to get filthy rich. As a result, NFT “drops” have been plagued by every kind of nightmarish scenario. So far things have gone pretty well for Parallel, which has built up its own drop system, but with its next drop just days away and the potential value of those cards moving higher, plenty of eyes are centered on how smoothly things go.
It’s possible the larger rally in the crypto market is dampening the attraction of NFTs as investors look elsewhere for gains. “Right now it’s probably really dead because ETH went up so much,” Soban Saqib, a Punk-holding NFT collector and co-founder of Ex Populus, a Web 3.0 game publishing company, told The Defiant.
It’s hard to say what’s triggering the downward action. These moves do come during a week when ETH hit an all-time high of $4,361, according to CoinGecko. It may be painful to hold an asset bleeding against ETH, the currency typically used to buy NFTs. Then again, focusing on ETH’s performance might take some of the sting out of a worrisome stretch for NFT holders.
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NFT Bazaar (https://nftbazaar.network) is one of the most-used aggregators that offering up to hyper-efficient NFT markets to benefit not only NFT token holders, but digital artists, musicians, gamers and all kinds of lovers as well, while providing one-stop NFT issuance, bidding and exchange platforms with ease.
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At present, NFT Bazaar has collected 50,000+NFT contracts and 520,000+ on-chain transaction data, covering 9 categories such as art, collections, virtual world, sports, music, and games. The transaction data is updated in real time, which is far ahead of other similar platforms. In terms of transactions, it is estimated that the platform can support 1,000+ TPS and platform GMV will reach 1,000,000 US dollars/month. Although NFT Bazaar was just launched in 2021, it has fully achieved a marvelous average figural record of weekly UV 7,000+ and PV 10,000+, which further expected to reach MAU 50,000+ by the end of 2021 as to rank among the top 15 global NFT platforms.
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